Indian Bank to auction Ganta Srinivas Rao's assets on March 16

Indian bank has given a rude shock to former minister Ganta Srinivasa Rao. The bank has issued orders to auction the Ganta Srinivas Rao's assets for failing the pay the debts of amount Rs.142 crore. The auction is scheduled to be held on March 16.

Going into details, the Prathyusha company owned by Ganta Srinivas Rao has borrowed Rs 141.68 crore from the Indian bank and the debt has reached Rs 221 crore including interest. Indian bank has already seized assets of seven directors along with Ganta Srinivas Rao's assets.

It has been alleged in the past that Ganta Srinivasa Rao has borrowed money by mortgaging government lands. There is also a flat in the Visakhapatnam Northern constituency, named after the MLA Ganta Srinivas Rao, which is said to be auctioned. However, the full details of the auction are to be known.